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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Moonrise Acquisition | Series A Preferred Stock | Additional Paid in Capital | Additional Paid in Capital Moonrise Acquisition | Retained Earnings (Deficit) | Non-controlling interest | Common Limited Partners’ Capital | Series A Preferred Units and Stock | Series A Preferred Units and Stock Series A Preferred Stock | Series A Preferred Units and Stock Common Limited Partners’ Capital | Common Class A Common Stock | Common Class A Common Stock Moonrise Acquisition | Common Class B Common Stock
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Beginning balance at Dec. 31, 2023 | $ 718,563 |  |  | $ 0 |  | $ 0 | $ 0 | $ 621,670 |  | $ 0 | $ 96,893 | $ 0 |  | $ 0
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | 129,157 |  |  |  |  |  |  | 125,937 |  |  | 3,220 |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (1,878) |  |  |  |  |  |  | (1,878) |  |  |  |  |  |
Ending balance at Mar. 31, 2024 | 848,614 |  |  | 0 |  | 0 | 0 | 748,501 |  | 0 | 100,113 | 0 |  | 0
Beginning balance at Dec. 31, 2023 | 718,563 |  |  | 0 |  | 0 | 0 | 621,670 |  | 0 | 96,893 | 0 |  | 0
Partners' Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | 129,157 |  |  |  |  |  |  | 125,937 |  |  | 3,220 |  |  |
Equity compensation | 2,772 |  |  |  |  |  |  | 2,772 |  |  |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (1,878) |  |  |  |  |  |  | (1,878) |  |  |  |  |  |
Ending balance at Mar. 31, 2024 | 848,614 |  |  | 0 |  | 0 | 0 | 748,501 |  | 0 | 100,113 | 0 |  | 0
Beginning balance at Dec. 31, 2023 | 718,563 |  |  | 0 |  | 0 | 0 | 621,670 |  | 0 | 96,893 | 0 |  | 0
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Moonrise Acquisition |  | $ 0 |  |  |  |  |  |  |  |  |  |  |  |
Ending balance at Sep. 30, 2024 | 651,484 |  |  | 702,357 |  | (157,798) | 0 | 0 |  | 106,819 | 0 | 106 |  | 0
Beginning balance at Dec. 31, 2023 | 718,563 |  |  | 0 |  | 0 | 0 | 621,670 |  | 0 | 96,893 | 0 |  | 0
Ending balance at Sep. 30, 2024 | 651,484 |  |  | 702,357 |  | (157,798) | 0 | 0 |  | 106,819 | 0 | 106 |  | 0
Beginning balance at Mar. 31, 2024 | 848,614 |  |  | 0 |  | 0 | 0 | 748,501 |  | 0 | 100,113 | 0 |  | 0
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | (27,644) |  |  |  |  |  |  | (30,957) |  |  | 3,313 |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (4) |  |  |  |  |  |  | (4) |  |  |  |  |  |
Ending balance at Jun. 30, 2024 | 823,052 |  |  | 0 |  | 0 | 0 | 719,626 |  | 0 | 103,426 | 0 |  | 0
Beginning balance at Mar. 31, 2024 | 848,614 |  |  | 0 |  | 0 | 0 | 748,501 |  | 0 | 100,113 | 0 |  | 0
Partners' Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | (27,644) |  |  |  |  |  |  | (30,957) |  |  | 3,313 |  |  |
Equity compensation | 2,086 |  |  |  |  |  |  | 2,086 |  |  |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (4) |  |  |  |  |  |  | (4) |  |  |  |  |  |
Ending balance at Jun. 30, 2024 | 823,052 |  |  | 0 |  | 0 | 0 | 719,626 |  | 0 | 103,426 | 0 |  | 0
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | (201,548) |  | $ 2,258 |  |  | (157,798) |  | (47,143) |  |  | 1,135 |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
Tax impact of Corporate Reorganization | 28,140 |  |  | 28,140 |  |  |  |  |  |  |  |  |  |
Ending balance at Sep. 30, 2024 | 651,484 |  |  | 702,357 |  | (157,798) | 0 | 0 |  | 106,819 | 0 | 106 |  | 0
Beginning balance at Jun. 30, 2024 | 823,052 |  |  | 0 |  | 0 | 0 | 719,626 |  | 0 | 103,426 | 0 |  | 0
Partners' Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | (201,548) |  | 2,258 |  |  | (157,798) |  | (47,143) |  |  | 1,135 |  |  |
Equity compensation | 1,840 |  |  | 1,283 |  |  |  | 557 |  |  |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Reorganization | 0 |  | $ 104,561 | 672,934 |  |  |  | (673,040) |  |  | (104,561) | 106 |  |
Ending balance at Sep. 30, 2024 | 651,484 |  |  | 702,357 |  | (157,798) | 0 | 0 |  | 106,819 | 0 | 106 |  | 0
Beginning balance at Dec. 31, 2024 | 965,125 |  |  | 540,714 |  | (183,333) | 497,333 | 0 |  | 110,230 | 0 | 106 |  | 75
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | 1,042 |  |  |  |  | (1,887) | (989) |  |  | 3,918 |  |  |  |
Dividend paid on Series A Preferred Stock | (3,359) |  |  |  |  |  |  |  | $ (3,359) |  |  |  |  |
Equity compensation | 2,375 |  |  | 2,375 |  |  |  |  |  |  |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (2,837) |  |  | (2,838) |  |  |  |  |  |  |  | 1 |  |
Moonrise Acquisition |  | 17,895 |  |  | $ 17,890 |  |  |  |  |  |  |  | $ 5 |
Conversion of Class B Common Stock and Partnership Common Units |  |  |  |  |  |  |  |  |  |  |  | 10 |  | (10)
Tax impact of Up-C Structure | (12,280) |  |  | (12,280) |  |  |  |  |  |  |  |  |  |
Equity shift (See Note 11) | 0 |  |  | 86,526 |  |  | (86,526) |  |  |  |  |  |  |
Ending balance at Mar. 31, 2025 | 967,961 |  |  | 632,387 |  | (185,220) | 409,818 | 0 |  | 110,789 | 0 | 122 |  | 65
Beginning balance at Dec. 31, 2024 | 965,125 |  |  | 540,714 |  | (183,333) | 497,333 | 0 |  | 110,230 | 0 | 106 |  | 75
Partners' Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | 1,042 |  |  |  |  | (1,887) | (989) |  |  | 3,918 |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (2,837) |  |  | (2,838) |  |  |  |  |  |  |  | 1 |  |
Ending balance at Mar. 31, 2025 | 967,961 |  |  | 632,387 |  | (185,220) | 409,818 | 0 |  | 110,789 | 0 | 122 |  | 65
Beginning balance at Dec. 31, 2024 | 965,125 |  |  | 540,714 |  | (183,333) | 497,333 | 0 |  | 110,230 | 0 | 106 |  | 75
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  |  | (4,525) |  |  |  |  |  |  |
Moonrise Acquisition |  | $ 17,895 |  |  |  |  |  |  |  |  |  |  |  |
Ending balance at Sep. 30, 2025 | 957,945 |  |  | 636,017 |  | (194,826) | 406,079 | 0 |  | 110,488 | 0 | 122 |  | 65
Beginning balance at Dec. 31, 2024 | 965,125 |  |  | 540,714 |  | (183,333) | 497,333 | 0 |  | 110,230 | 0 | 106 |  | 75
Partners' Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  |  | (4,525) |  |  |  |  |  |  |
Ending balance at Sep. 30, 2025 | 957,945 |  |  | 636,017 |  | (194,826) | 406,079 | 0 |  | 110,488 | 0 | 122 |  | 65
Beginning balance at Mar. 31, 2025 | 967,961 |  |  | 632,387 |  | (185,220) | 409,818 | 0 |  | 110,789 | 0 | 122 |  | 65
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | (7,907) |  |  |  |  | (8,028) | (2,980) |  |  | 3,101 |  |  |  |
Dividend paid on Series A Preferred Stock | (3,382) |  |  |  |  |  |  |  | (3,382) |  |  |  |  |
Equity compensation | 2,362 |  |  | 2,362 |  |  |  |  |  |  |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (8) |  |  | (8) |  |  |  |  |  |  |  |  |  |
Equity shift (See Note 11) | 0 |  |  | (233) |  |  | 233 |  |  |  |  |  |  |
Ending balance at Jun. 30, 2025 | 959,026 |  |  | 634,508 |  | (193,248) | 407,071 | 0 |  | 110,508 | 0 | 122 |  | 65
Beginning balance at Mar. 31, 2025 | 967,961 |  |  | 632,387 |  | (185,220) | 409,818 | 0 |  | 110,789 | 0 | 122 |  | 65
Partners' Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | (7,907) |  |  |  |  | (8,028) | (2,980) |  |  | 3,101 |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (8) |  |  | (8) |  |  |  |  |  |  |  |  |  |
Ending balance at Jun. 30, 2025 | 959,026 |  |  | 634,508 |  | (193,248) | 407,071 | 0 |  | 110,508 | 0 | 122 |  | 65
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | 1,231 |  |  |  |  | (1,578) | (556) |  |  | 3,365 |  |  |  |
Dividend paid on Series A Preferred Stock | (3,385) |  |  |  |  |  |  |  | $ (3,385) |  |  |  |  |
Equity compensation | 2,064 |  |  | 2,064 |  |  |  |  |  |  |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (260) |  |  | (260) |  |  |  |  |  |  |  |  |  |
Tax impact of Up-C Structure | (731) |  |  | (731) |  |  |  |  |  |  |  |  |  |
Equity shift (See Note 11) | 0 |  |  | 436 |  |  | (436) |  |  |  |  |  |  |
Ending balance at Sep. 30, 2025 | 957,945 |  |  | 636,017 |  | (194,826) | 406,079 | 0 |  | 110,488 | 0 | 122 |  | 65
Beginning balance at Jun. 30, 2025 | 959,026 |  |  | 634,508 |  | (193,248) | 407,071 | 0 |  | 110,508 | 0 | 122 |  | 65
Partners' Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | 1,231 |  |  |  |  | (1,578) | (556) |  |  | 3,365 |  |  |  |
Tax withholdings and associated payments on vested Summit LTIP awards | (260) |  |  | (260) |  |  |  |  |  |  |  |  |  |
Ending balance at Sep. 30, 2025 | $ 957,945 |  |  | $ 636,017 |  | $ (194,826) | $ 406,079 | $ 0 |  | $ 110,488 | $ 0 | $ 122 |  | $ 65

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